On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) announced its unaudited preliminary financial results for the full year ended December 31, 2025. The company expects to achieve record revenues and positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and improved overall profit margins. The final audited financial results are expected to be released in mid-April 2026.
2025 Full Year Financial Highlights
Revenue: Expected to be between $39 million and $41 million, a record high for the company.
Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue grew by 11% to 17% year-over-year.
Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued improvement in operational efficiency.
Adjusted EBITDA: The company expects to achieve positive EBITDA for the full year of 2025, a significant improvement from the $3.5 million loss in 2024, primarily due to strict cost control and a higher-margin sales structure.
Performance of core consumer food business
In 2025, DDC's core consumer food business maintained strong operating performance.
The company also disclosed the adjusted EBITDA of its core consumer food business. This metric, based on the adjusted EBITDA, further eliminates costs related to the Bitcoin reserve strategy and the impact of non-cash fair value changes (mark-to-market) related to Bitcoin holdings, thus more accurately reflecting the operating performance of the core business.
Adjusted EBITDA for the core consumer food business is projected to be between $5.5 million and $6 million by 2025.
Bitcoin Reserves Update
In the first half of 2025, DDC launched a long-term Bitcoin accumulation strategy, making Bitcoin the company's primary reserve asset.
As of December 31, 2025: The company holds 1,183 BTC.
As of February 28, 2026: Holdings increased to 2,118 BTC.
Today, the company purchased an additional 65 BTC, bringing its total holdings to 2,183 BTC.
Norma Chu, Founder, Chairman and CEO of DDC, stated, “We are proud to end 2025 with record revenue and positive adjusted EBITDA, reflecting the robust growth of our consumer food business and continued improvement in profitability. We are building a disciplined, growth-oriented food platform and allocating capital to Bitcoin assets with a long-term perspective, which aligns with our long-term beliefs. We believe this dual-track approach of ‘robust consumer business + strategic Bitcoin reserves’ will help DDC create lasting long-term value for shareholders.”
Adjusted EBITDA definition
For the full year of 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial metric) as: net profit / (loss), excluding the following items:
Interest expenses
Taxes and Fees
Foreign exchange gains and losses
Long-term asset impairment losses
Depreciation and Amortization
• Changes in the non-cash fair value related to financial instruments (including Bitcoin holdings)
• Equity incentive expenses
About DDC Enterprise Limited
While continuing to solidify its position as a leading global food platform in Asia, DDC Enterprise Limited (NYSE: DDC) is actively promoting the implementation of its corporate Bitcoin Treasury strategy.
The company has established Bitcoin as a core reserve asset and is implementing a prudent and long-term-oriented accumulation strategy. While continuously expanding its portfolio of restaurant brands, DDC is gradually becoming one of the leading publicly traded companies to integrate Bitcoin into its corporate financial structure.
